Ann: Breakthrough in Gallium & Germanium Recovery, page-115

As you know Michael likes to compare MTM to IperionX and has found them helpful with our endevours including applying for US funding.

In todays news IperionX have been awarded a contract of US$47.1m in funding by the US DoD whereby they’ll invest $70.7m jointly to develop the titanium supply base.

Now IPX are probably a year ahead of us and have already received significant grants & loans from the DoD in the past. They are developing processes (also out of an University) to produce Titanium out of scrap metal. Their Market Capitalisation is about 13 x ours, although they have had some revenue, last Q their revenue was zero - we hope to have revenue by years end.

We have also applied for grants from DoD + DoE + the Australian Government. While IPX only concentrates on Titanium, we have every metal in the Periodic Table available to develop and many of these are high value and on the critical minerals list. Some such as Gallium have had the supply cut off by China.